 Welcome to the programme. That is the thing, trying to not overplay the situation but acknowledging that the air has been thick with Fedspeak since they last met. Anything to sway the reserve and believe that really it needs to do something rather than nothing in this environment? Are they just mindful of the macro risks and prepared just to sit it out? Hi Carson, thanks for having me. Today is actually quite a heavy data release day today. We've had the retail sales this morning and that came in weaker than expected. We also had building approvals as well which was mixed and this is just prior to the RBA meeting tomorrow as you mentioned and so neither of those prints are really big enough to sway I think the decision of the RBA tomorrow. We are expecting it to be unchanged. I think at the Bloomberg has a 0.5% chance of a cut in zero chance of a rate hike at the moment so it will be a matter of just waiting and seeing but no real change and adding to this as well is the new macro potential measures being introduced by APRA and this is going to cool the housing market in both Sydney and Melbourne and take the pressure off the RBA as well to do anything because these are stricter lending regulations are going to come into play there. Are you surprised just on that measure that the focus is switched to the interest only part of the market and that investors proper have been sort of the heats come out of that onward pressure that there could have been the lowering of thresholds that hasn't been adopted instead we're looking at a section of the market that arguably an interest only impostors not as seriously felt as a light on the stand on investments in the round. I think the main thing to come out of here though with those interest only loans is that at the moment there's only over 40% of loans out there that are interest only so they're going to change that in capital 30% so that does go to show how many interest only loans are there and how that is also fueling the market at the moment it is very much in the investors you know borrowing power that they are able to get their hands on the this funding so in capping that there I do think it has been a switch and not as was expected but I definitely do think it will be efficient in cooling the market there. Let's go over to the US where the lack of any urgency by Fed officials and principally the the chief herself to follow up the March hike with anything in June has taken the wind out of the sales of the greenback about a 5% slide since that March tightening now to that extent do you think the Fed's comfortable in that universe or it's believes it may need to start a little bit of strategic jawboating of the greenback. No I actually do think they're comfortable with it at the moment I mean that has moved you know quite it moves around quite quite a bit with you know whoever is out speaking from the US and we had just recently William Dudley and James Bullard actually saying that the there is a possibility that the rate hikes will be enacted slower than what the market actually anticipates and then we've seen a reaction you know with the US dollar into that as well so I think they'll very much will wait and see but I do think that they're quite comfortable with where it is at the moment. The idea though that personal income and spending in February the core PCE as of last week showing a slowdown is that looking as if it could become entrenched and if it were to do so you know never mind a slowdown what about an actual freeze on on those moves. Yeah it is because and it's a really good question and it's a good point there I don't so much as think it'll be a freeze I do think it will just be a slowdown or watch how that all does play out but yeah at this stage that there's nothing really too alarming there. Demand for investment grade bonds in this environment as you do though you do see a wall of money going back at the same time competing for interest into EM so you look at EM currencies look at EM markets that were fearing capital outflows they look as if they're looking like safe harbours for a longer period to your point before about a slower path of US rate rises. Yeah that's right I mean this theme of cautiousness we're seeing in the market is flowing through to demand that clients you know what they are investing in and what they want to put in their portfolios and that definitely is more towards investment grade and also higher rated bonds as well and so we have seen demand for the tier two investment grade floating rate note bonds and also senior debt as well which sits higher in the capital structure as well so it is very much a safe haven play and that seems to be where the the market is going at the moment. Sovereign bond issues by emerging markets hitting their all-time quarterly record in Q1 so speak to that how does that fit the the broader thesis. Yeah we actually have and this week itself it's kicked off with quite a bit of issuance and we have in the last couple of weeks or so seen a bit of issuance coming through so there is very much demand at the moment it's partly a chase for yield and also this demand for investment grade as well so it's quite a mixture across all of this new issuance between investment grade and high rated paper as well and so there has been quite a demand for it and we're seeing more and more companies corporates come to market with it. And sector-wise where would you say the the key focus remains now is there an even spread throughout industrial into through banks I mean we've seen the Suncorp the hybrids for their tier one capital but beyond that what's been the where's the real battle for hearts and minds. Yeah I do think there is continued demand in in banks and financials and I think that's also a bit of a safe haven player as well in that we had Heartland Bank and New Zealand Bank on Friday come to market as well and launch a new bond a new issuance there as well so it is quite a mixture of issuance but I still do think that it seems to be more in the financials at the moment. Okay well let's just hope for a bit more of a diversification through the next six months and it'll be Jessica thank you for now. Thanks Carson. Jessica Russell there from FIG let's move on.